ACC311 Fundamentals of Auditing Quiz 1 Solved - VU Answer

Fundamentals of Auditing Quiz Solved. Recent ACC311 Quiz 1 Solution for Help in Studies or Exams and Improve Knowledge or Learning Skills. Also, Get PDF File Given Below.

ACC311 Fundamentals of Auditing Quiz no 1 Solution Answer


1. The factors that affect reasonable assurance include all of following EXCEPT:

a) Use of testing (Sampling) 

b) Inherent limitation of accounting and internal control

c) Remuneration of the auditor

d) Persuasive nature of audit evidence

2. Who has the responsibility of establishing and maintaining an entity’s internal control structure?

a) The independent auditor

b) The management

c) The audit committee

d) The internal auditor

3. At the end of the audit process, the Auditor produces a report addressing to:

a) Internal auditors

b) Stakeholders

c) Institute of Chartered Accountants 

d) Stock Exchange

4. SECP stand for which one the following?

a) Securities and Exchange Collaboration of Pakistan

b) Securities and Exchange Consortium of Pakistan

c) Securities and Exchange Commission of Pakistan

d) Securities and Exchange Constitution of Pakistan

5. Preparing and presenting the financial statements includes which one of the following stages?

a) Designing implementing and maintaining internal control

b) Selecting and applying appropriate accounting policies

c) Making accounting estimates

d) All of the given options

6. Organization may conduct audit because of the following EXCEPT:

a) The financial statements may be inadvertently misleading

b) The financial statements may be deliberately misleading

c) The financial statements may fail to conform to regulations

d) The financial statements may fail to attract potential investors

7. Which one of the following is NOT the type of Auditor’s Liabilities?

a) Accounting Liabilities

b) Civil liabilities

c) Criminal liabilities

d) Liabilities for misfeasance

8. In Pakistan, the profession is allied with which one of the following institutions?

a) Securities and Exchange Commission of Pakistan

b) Institute of Chartered Accountants of Pakistan

c) Finance Ministry of Pakistan

d) Chartered Accountants

9. While performing a financial statement audit, auditors of the company would be least interested in which of the following?

a) Internal control

b) Compliance with GAAP

c) Fairness of the financial statement amounts

d) Quality of Managements business decisions

10. Which of the following stages does not comes in the audit process?

a) Audit appointment

b) Engagement letter, initial planning

c) Preparation of financial reports

d) Preparation and signing of the audit report

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